Home Building & Contents Insurance
Home Building & Contents Insurance provides cover for loss or damage to the building of your home, contents and personal valuables as a result of an insured event for example accidental damage, fire storm or impact. The policy also provides cover for legal liability of the home owner to third parties in respect of personal injury or property damage occurring at your property or as a result of personal activities at the insured location.
Statistically the underinsurance of Home Building and Contents in Australia is high. There is often a particular inadequacy in sums insured by comparison to actual rebuilding costs. As the rebuilding costs can fluctuate, it is recommended that sums insured are reviewed intermittently and that replacement rebuild costs are determined by obtaining appraisals by a builder or qualified appraiser. Your sum insured should not be based on a real estate market value or include the land value of the property. Valuations or appraisals are also recommended for contents or possessions of value for example, jewellery, collections, art and antiques.